FEATURED ARTICLES ABOUT FINANCIAL CAPITAL - PAGE 2

MUMBAI: Amid the campaigning for Maharashtra Assembly polls, the BJP today termed the rumours of shifting of Reserve Bank of India offices to Delhi from Mumbai as a false propaganda by the rival political parties. "Not a single department of RBI has been shifted from Mumbai. This is all very irresponsible on the part of the Opposition to spread such misinformation," Union Commerce and Industry Minister Nirmala Sitharaman said here. Maharashtra unit of Congress recently accused the Narendra Modi-led government of being biased against the state, and claimed that it was planning to reduce the importance of Mumbai as the financial capital of the country and also shut down operations at Jawaharlal Nehru Port Trust.

MUMBAI: The Reserve Bank today said entities, including Sidbi and Axis Bank, have applied for setting up an exchange-based trading platform to facilitate financing of bills. Those who have applied to set up trade receivables discounting system (TReDS), include NSE Strategic Investment Corporation (NSIC) and Small Industries Development Bank of India (Sidbi) and Axis Bank, among others, the RBI said. Others include Trade Receivables Exchange, which is by a group of banking professionals in the financial capital, Mynd Solutions from Gurgaon, DICIC Bank of India from Kolkata, NSDL Database Management and Trade Receivables Exchange from the financial capital.

Corporate houses want the minimum alternative tax to be cut from 18.5% to 15%. Real estate developers don't want to be taxed for unsold flats. Knowledge economy companies want stock options to be treated as a deductible business expense. Amid this pre-budget clamour for big-ticket incentives and multicrore tax cuts, will Finance Minister Arun Jaitley listen to what Mumbai-based Shruti Arora wants from budget 2015? "I want the deduction under Section 80C to be hiked to Rs 2 lakh a year," says the 30-year-old IT professional.

MUMBAI: SKIL Ports and Logistics plans to invest Rs 1,000 crore to build a multipurpose terminal at Karanja near here over the next two years. The proposed terminal would be developed on a 200-acre land parcel at Karanja, off the financial capital's eastern coast, and would have a sea frontage of 1,000 metres. Maharashtra Chief Minister Devendra Fadnavis laid the foundation stone for the port today. According to an official release, it would be built at an investment of Rs 1,000 crore.

By Raveendra Chittoor The past decade and a half has marked the rapid emergence of a number of firms from developing countries as significant players in global markets. Labeled as 'emerging market multinationals', these firms have exhibited rapid and aggressive internationalisation trajectories. China and India are the two countries that have been home to the largest number of such emerging multinationals. Indian multinationals were distinctive as they hailed from both private and public sectors, whereas a majority of the Chinese global companies were state-owned.

MUMBAI: Mumbai-based financial services company Centrum Capital has teamed up with the former head of property fund Indiareit Ramesh Jogani to form a real estate private equity joint venture company, India Property Advisors (IPAL), which will soon launch its first offering — the Mumbai Residential Opportunity Fund. The maiden offering, with a size of Rs 250 crore and a green-shoe option of Rs 100 crore, will seek to tap the opportunities arising from wide differences in pre-launch prices of new projects in Mumbai compared to the completed apartments.

MUMBAI: India's e-commerce sector is expected to have 7 per cent share of country's retail market amounting to USD 60 billion by 2023, a senior industry official said. "By 2023, e-commerce in India will have 7 per cent share of retail amounting to USD 60 billion dollars," Technopak Advisors chairman Arvind Singhal said at 'eTailing India Conference and Exhibition 2014' here. Telecom companies will be the biggest e-commerce players in India over the next couple of years, Singhal said.

MUMBAI: A war of words broke out between Shiv Sena and BJP, ruling coalition partners in Maharashtra, over allocation of funds for Mumbai in the Budget which was presented in the Assembly today. A Shiv Sena leader's comments that Mumbai has not received sufficient funds invited a strong reaction from BJP which said the remarks show "ignorance" on part of the junior ally, which it claimed, wants to delink the financial capital from the rest of Maharashtra. "If Shiv Sena says we have ignored Mumbai, it shows their ignorance.

MUMBAI: In an apparent reference to Shiv Sena MP Sanjay Raut , Union Power Minister Piyush Goyal today accused him of misleading people by making allegations of corruption in award of LED street-lighting contracts in the city, and said there was complete transparency in award of the contracts. Goyal, who belongs to BJP , attacked Raut, who is also Executive Editor of 'Saamana', a Sena mouthpiece, without naming him. "There is one journalist in Maharashtra, who is trying to portray himself as the defender of Mumbai.

MUMBAI: The National Australia Bank today started branch operations in the country by inaugurating its maiden outlet in the financial capital. The branch will support existing institutional, corporate and business banking customers and also provide a link for clients looking to expand or invest in its home country with a focus on energy, education and agribusiness sectors, the bank said in a statement here. "India's bilateral trade with Australia and New Zealand is rising continually and we believe that the Mumbai branch will help facilitate greater economic, trade and investment flows between the three countries," its chief executive for Asia Rob Wright said.